Summary:

Between April and August 2024, Overseas Indians invested US$ 7.82 billion in non-resident Indian (NRI) deposit schemes, more than doubling their investment from US$ 3.74 billion in 2023, according to the Reserve Bank of India. By August 2024, total outstanding NRI deposits had reached US$ 158.94 billion, with substantial inflows into foreign currency non-resident (FCNR) accounts amounting to US$ 3.47 billion, up from US$ 1.55 billion the previous year.

NRE deposits also experienced significant growth, with inflows of US$ 2.51 billion, up from US$ 868 million, totaling US$ 100.54 billion. NRO deposits increased to US$ 1.84 billion, up from US$ 1.32 billion, resulting in outstanding NRO deposits of US$ 29.19 billion.

Source: IBEF

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